Managerial and investor responses to disclosure regulation: The case of Reg FD and conference calls

Accounting Review

Volumn 79, Issue 3, 2004, Pages 617-643

  Bushee, Brian J ^a   Matsumoto, Dawn A ^b   Miller, Gregory S ^c  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b UNIVERSITY OF WASHINGTON   (United States)

^c HARVARD UNIVERSITY   (United States)

Author keywords

Disclosure policy; Disclosure regulation; Individual investor trading; Price volatility; Regulation FD

Indexed keywords

EID: 3943106745     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr.2004.79.3.617     Document Type: Article

References (34)

1. Agarwal, A., and S. Chadha. 2002. Who is afraid of Reg FD? The behavior and performance of sell-side analysts following the SEC's fair disclosure rules. Working paper, The University of Alabama.
2. Bailey, W., H. Li, C. Mao, and R. Zhong. 2003. Regulation Fair Disclosure and earnings information: Market, analyst, and corporate responses. Journal of Finance 58 (6): 2487-2515.
3. Beaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research 6 (Supplement): 67-97.
4. Bowen, R., A. Davis, and D. Matsumoto. 2002. Do conference calls affect analysts' forecasts? The Accounting Review 77 (2): 285-316.
5. Bushee, B., D. Matsumoto, and G. Miller. 2003. Open versus closed conference calls: The determinants and effects of broadening access to disclosure. Journal of Accounting and Economics 34 (1-3): 149-180.
6. Cook, T. D., and D. T. Campbell. 1979. Quasi-Experimentation: Design and Analysis Issues for Field Studies. Boston, MA: Houghton Mifflin Company.
7. Eleswarapu, V. R., R. Thompson, and K. Venkataraman. 2001. The impact of Regulation Fair Disclosure: Trading costs and information asymmetry. Working paper, Southern Methodist University.
8. Francis, J., D. Pagach, and J. Stephan. 1992. The stock market response to earnings announcements released during trading versus nontrading periods. Journal of Accounting Research 30 (2): 165-184.
9. Frankel, R., M. Johnson, and D. Skinner. 1999. An empirical examination of conference calls as a voluntary disclosure medium. Journal of Accounting Research 37 (1): 133-150.
10. Froot, K., A. Perold, and J. Stein. 1992. Shareholder trading practices and corporate investment horizons. Journal of Applied Corporate Finance (Summer): 42-58.
11. Hassett, K. A. 2000. Outlaw selective disclosure? No, the more information the better. Wall Street Journal (August 10): A18.
12. Heflin, F., K. R. Subramanyam, and Y. Zhang. 2003. Regulation FD and the financial information environment: Early evidence. The Accounting Review 78 (1): 1-37.
13. Holthausen, R., and R. Verrecchia. 1990. The effect of informedness and consensus on price and volume behavior. The Accounting Review 65 (1): 191-208.
14. Lee, C. 1992. Earnings news and small traders: An intraday analysis. Journal of Accounting and Economics 15 (3): 265-302.
15. _, and B. Radhakrishna. 2000. Inferring investor behavior: Evidence from TORQ data. Journal of Financial Markets 3 (2): 83-111.
16. Levitt, A. 1998. A question of integrity: Promoting investor confidence by fighting insider trading. Speech given at the SEC Speaks Conference, February 1998. Available at: http://www.sec.gov/news/speech/speecharchive/1998/spch202.txt
17. Mohanram, P. M., and S. V. Sunder. 2001. Has Regulation Fair Disclosure affected financial analysts' ability to forecast earnings? Working paper, New York University.
18. Mucklow, B. 1994. Market microstructure: An examination of the effects on intraday event studies. Contemporary Accounting Research 10 (2): 355-82.
19. National Investor Relations Institute (NIRI). 2002. An Analysis of Trends and Technology in the Practice of Investor Relations. October. Vienna, VA: NIRI.
20. Opdyke, J. D. 2000. The big chill: Street feels effect of "fair disclosure" rule - Regulation is altering the way analysts approach their jobs. Wall Street Journal (October 23): C1.
21. Patell, J., and M. Wolfson. 1982. Good news, bad news, and intraday timing of corporate disclosures. The Accounting Review 51 (3): 509-527.
22. Rees, L., and D. Adut. 2002. The effect of Regulation Fair Disclosure on the information content of whisper forecasts. Working paper, Texas A&M University.
23. Securities and Exchange Commission (SEC). 2000. Selective Disclosure and Insider Trading. Release Nos. 33-7881 and 34-43154. Available at: http://www.sec.gov/rules/final/33-7881.htm.
24. Securities Industry Association (SIA). 2001. Costs and Benefits of Regulation Fair Disclosure. May. New York, NY: SIA.
25. Shane, P., N. Soderstrom, and S. Yoon. 2001. Earnings and price discovery in the post-Reg FD information environment: A preliminary analysis. Working paper, University of Colorado, Boulder, CO.
26. Shiller, R. J. 2000. Outlaw selective disclosure? Yes, markets must be fair. Wall Street Journal (August 10): A18.
27. Skinner, D. 2003. Should firms disclose everything to everybody? A discussion of "Open vs. closed conference calls: The determinants and effects of broadening access to disclosure." Journal of Accounting and Economics 34: 181-187.
28. Sunder, S. V. 2002. Investor access to conference call disclosures: Impact of Regulation FD on information asymmetry. Working paper, New York University.
29. Tasker, S. 1998. Bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure. Review of Accounting Studies 3 (1&2): 137-167.
30. Vinzant, C. 2001. Keeping an ear on Wall St.: Corporate webcasts earn a growing audience of investors. Washington Post (June 14): E01.
31. Weber, J. 2000a. Why should analysts be told more than you? BusinessWeek (March 13): 42.
32. _. 2000b. Full disclosure for all. BusinessWeek (September 18): 106-110.
33. Wiggins, J. 1991. Empirical tests of the bias and efficiency of the extreme-value variance estimator for common stocks. Journal of Business 64 (3): 417-432.
34. Zitzewitz, E. 2002. Regulation Fair Disclosure and the private information of analysts. Working paper, Stanford University.